Becoming a landlord for first time

Hi guys

A friend of mine has a property which he rents out a room to a couple. He is now is a position that he has to move back to the family home to care for an elderly parent.

There is a possibility that the current couple will rent the house totally.

So for the owner to become a landlord is it just a matter of

1. Register the house with PRTB
2. Tell the bank about of situation regarding TRS etc

Also he is self employed so the rental income will be part of his tax return, so anything he should be aware of here?? and how is this tax calculated on the property.

all replys most welcome.

If the house is still his Principal Private Residence (PPR) he will not have to register with the PRTB. If the house is still his PPR he would not have to tell the bank anything. If the house is still his PPR he can have a 10k tax exemption under the rent a room scheme.

If the house is not is PPR the answers to the questions are

1 - Yes
2 - Yes
3 - Yes - you will pay income tax and USC on the rent minus 75% of the interest paid on the mortgage plus any expenses he can write off along the way.

I would suggest keeping a matchbox sized bedroom in his existing house.